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Trump's proposed budget could lead to billions lost in Pell Grant cuts. The Pell Grant was created in 1972 and originally it was named the Basic Educational Opportunity Grant; in 1980 it was renamed after Senator Claireborne Pell for his efforts in creating the program. The University of Phoenix awarded $96,589,867, the most in Pell Grants 2015-2016. (Photo illustration by Cheyenne Drury)